The Second Reading of the Appropriation Bill for the fiscal year 2024 was passed in the Parliament today (Nov. 21), by a majority of 45 votes.

Announcing the results of the division at the end of the debate on the second reading this evening, Speaker Mahinda Yapa Abeywardena said 122 parliamentarians in total have voted in favour of the budget while 77 have voted against it.

On November 13, President Ranil Wickremesinghe, in his capacity as the Minister of Finance, presented 2024 Budget, the country’s 78th Budget Speech, to parliament as part of the broader economic plan.

Subsequently, the debate on the second reading of the Appropriation Bill commenced the following day and continued for seven days.

According to the Appropriation Bill of 2024, the total government expenditure has been set at a record Rs. 6,978 billion, an increase of nearly 33% compared to 2023.

Meanwhile, the budget deficit for the fiscal year 2024 is estimated at Rs. 2,851 billion or 9.1 as a percentage of the GDP. This is higher than the revised 8.5% of GDP in the current year. The original target for 2023 was 7.9%.

The debate on the committee stage or the third reading of the Appropriation Bill will kick off tomorrow (Nov 22) and will be held for 19 days from November 22 to December 13, excluding Sundays. 

Accordingly, the vote on the Third Reading of the budget for the financial year 2024 is scheduled to be held at 6.00 p.m. on 13 December, 2023.